Cosmetics Supplier Wins Access to $2 Million for Talc Bankruptcy

Presperse Corp., a supplier of cosmetics and personal care raw materials, received court approval to borrow $2 million to finance a bankruptcy triggered by lawsuits from people who say its talc products exposed them to asbestos-related disease.

The loan from Presperse’s parent company, Sumitomo Corp. of Americas, will help provide assurance to customers and suppliers but isn’t anticipated to be drawn on unless there’s a problem, company attorney Morris Bauer of Duane Morris LLP said during a US Bankruptcy Court for the District of New Jersey hearing Thursday.

Presperse filed for Chapter 11 on Sept. 9 to deal with an ...